What’s happened to Hong Kong’s biggest investment mandate?

The West Kowloon Cultural District Authority has confirmed it has dropped Hewitt Associates as a consultant to its HK$21.6 billion ($2.8 billion) endowment fund. A WKCDA spokesperson says the organisation “received a proposal from a consultant on investment strategy for our endowment in 2009. The consultant proposed a 6% investment return target, but the target was made at a time after the financial crisis and when the management team was not fully on board.” The spokesperson no…